Bitcoin slides under $55,000 as Mt. Gox payouts begin
all right we’re back Bitcoin on Pace for its worst week in more than a year now our own t mckel is here at Post 9 on what is driving this big drop it’s nice to see you welcome thank you for having me it’s nice to be here yeah tell us what’s going on yeah uh Bitcoin definitely trimming some of its losses today but still it’s taken another leg down below its 200 day moving average of about $57,000 and that is largely because of the trustee of the now defunct Mount gox exchange um that exchange of course went bankrupt after a major hack 10 years ago and they have now begun repayments to creditors which was an expected event so that is hitting the market now and again this is likely a short-term move that shouldn’t fundamentally altered the more positive second half outlook for Bitcoin it’s still got a nice 30% year-to-date gain from here uh ETFs are still in demand and then you know think back to how closely we’ve been watching the having earlier this year in April that was a known positive Supply event and we knew it would lower the amount of Bitcoin Supply being produced and now we have this other source of Bitcoin Supply coming in and negating those positive effects from the having so um you know this also should clear it the way for a rebound later this year in the second half was interesting the point that our own Josh Brown made um recently on the idea that financial advisors in his words in a column that he wrote or a Blog that they’ve caved on bitcoin just the idea that financial advisers are more open to bitcoin and crypto in general for their clients and thus if you have a bigger investor pool you at least have more excitement and money going towards this asset class yeah absolutely and I think the ETF rapper this year helped a lot with that um obviously it depends on the type of advisor you’re talking about and the type of client that they are serving um it’s not for everybody but it is you know there’s a lot going on in crypto there’s a lot of volatility in Bitcoin depending on you know how far back you want to look because those early days were a little bit crazy uh Bitcoin is still here and it has has been you know relatively stable even this year while kind of the altcoins have sold off a little bit more all right well I appreciate you being here
CNBC’s Tanaya Macheel joins ‘Halftime Report’ to break down bitcoin’s Friday tumble and what it means for bitcoin’s near-term price action and supply dynamics.
20 Comments
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